My 5 Year Plan.

helensbiggestfan

Hi everyone.  I'm going to join In and try and pay off my mortgage in 5 years.   I Started making overpayments of £200 Each month earlier in the year and so far have managed to stick to it but now I want to up my game.  

Mortgage is £42,103 for 27 years, 3 months. 

Interest fixed at 3.19% until Oct 2023. 

Monthly payments £198.38 

If I continue to overpay by £200 each month the term reduces to just over 10 years.

 Being mortgage free in 5 years is a big ask because I have no idea where the extra money is going to come from. 😂

I have just now paid off the £102.33 to bring it down to a nice round figure of £42,000.

Here I go........

longway2go

A lovely figure to start off with. Just wanted to wish you luck. When I started I thought the ops would just come from income but reading diaries has inspired me to trt other things like survey sites and market research. I aim for a min of 45 from that side hussles so definitely doable. 

helensbiggestfan

Thanks.  I thought I might try selling Some of my unwanted treasures to start with.  😂. Just noticed your signature.  Great progress.   👍

Hazelnutty

Welcome! It's a really supportive forum and we cheer each other on, whatever OPs we can manage My OPs are small atm as I'm about to have my new place renovated so apart from a small OP from salary and Tilly Tidies, everything else is being thrown at the build. Once that's done, I should be able to really focus on OPing from a range of sources as currently I'm due to pay it off in my mid-60s!

haras_n0sirrah

I also have a 5 year target and have just posted my start although I am starting 100k higher than you *gulp*
Best of luck 

financialfreedomxo

Welcome! 
You've been doing well so far with paying £200. I'm sure you'll keep it up and reach your goal. 

jenni_fer

Welcome and good luck!

helensbiggestfan

Hi everyone.  Thanks for the welcome.  

I have been playing with the mortgage overpayment calculator....it's so addictive. 😂.  

Problem is I am on a fixed rate until October 2023 and can only overpay by 10% of the capital sum each year.  I estimate that means for the next year I can only overpay by about £4200.  I won't manage that by this October unless I withdraw some savings and I'm can't really do that because I still have some renovations to pay for. But from October onwards I could perhaps increase my overpayments to £340 a month. 

That would mean £140 over and above my normal £200 a month that I'm currently paying.  Just need to fathom out how to find that bit extra. 😂.  

helensbiggestfan

Sorry if I'm being a bit thick.....but are "Tilly Tidies" the dribs and drabs that lurk around, the odd few pounds here and there that can be rounded up.  I was thinking I would set up a special savings account to sweep up the dregs each week And then transfer them once a month to add to my normal overpayment.   

helensbiggestfan

New Overpayments now gone  tHrough and I've cracked the £42k barrier.  Mortgage today is at £41,834.44. 

Wahoo.  Now need to get to £41k ASAP.  🤔

LeighofMar

Congrats on breaking into the 41k bracket.